SF
Stifel Financial Corp
Is SF Halal?
Full-service brokerage with interest-based banking operations.
What You Should Know
Stifel provides wealth management, brokerage, banking, lending and investment banking. Its March 31, 2026 Form 10-Q reports $42,893.152 million of assets, $1,535.603 million of identified financing debt, $2,899.370 million of cash, $9,196.151 million of identifiable interest-bearing securities, $24,374.651 million of financing receivables and $1,665.652 million of quarterly revenue. Debt/assets is 3.58%, liquidity/assets is 28.20%, receivables-plus-cash/assets is 63.59% and disclosed interest revenue is 27.08% of revenue; FTSE and MSCI asset screens fail and the conventional financial-services core is non-compliant.
⚠️ Concerns
- •Investment banking and bank deposits involve riba
- •Receivables-plus-cash/assets 63.59% exceeds examined limits
- •Margin and repo financing
- •Underwriting interest-bearing securities
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
1,535.603 / 42,893.152
12,095.521 / 42,893.152
27,274.021 / 42,893.152
451.049 / 1,665.652
- Financial
- Fails
- Overall
- Fails
Debt/assets is 3.58%, liquidity/assets is 28.20%, but receivables-plus-cash/assets is 63.59% and interest revenue is 27.08% of revenue; the conventional financial-services core also fails.
- Financial
- Fails
- Overall
- Fails
Receivables-plus-cash/assets is 63.59%, above the examined MSCI limit; the conventional financial-services business fails independently.
- Financial
- Pass
- Overall
- Fails
Debt/assets and liquidity/assets are below the examined Malaysia limits, but the conventional financial-services core fails; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
Market-cap methods are not calculated; the direct financial-services business independently prevents a pass.
Business-activity disclosure
Stifel operates full-service brokerage, banking, lending, investment banking and wealth-management businesses. Interest-based lending, deposits, underwriting and conventional securities activities are central to the group.
Limitation: The filing reports multiple financial-service revenue streams but does not provide a scholar-approved permissible carve-out; the conventional financial-services core independently fails.
Purification
Stifel discloses $451.049 million of interest revenue, but purification cannot cure a direct core-business failure.
Inputs, assumptions and primary sources
- Amounts are USD thousands converted to USD millions from Stifel's March 31, 2026 Form 10-Q.
- Interest-bearing debt includes $862.954 million of securities sold under agreements to repurchase, $617.649 million of senior notes and $55 million of debentures; customer bank deposits are treated as client funding rather than corporate debt.
- Cash is $2,899.370 million. Available-for-sale and held-to-maturity securities plus resale agreements total $9,196.151 million and are used as the identifiable interest-bearing-securities proxy.
- Accounts receivable include brokerage clients, brokers/dealers and clearing organizations, loans held for investment and sale, and related financing receivables, totaling $24,374.651 million; quarterly revenue is $1,665.652 million and interest revenue is $451.049 million.
- Conventional brokerage, banking, lending and investment banking are treated as a direct business-activity failure; this is not an official classification.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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